India’s Shree Renuka Sugars Ltd will try for a third time to sell sugar mills it owns in Brazil at an auction as part of a recovery plan in its in-court debt restructuring, according to court documents seen by Reuters. Renuka, which entered Brazil in 2010 and owns four sugar and ethanol plants in the country, presented a new plan to the court overseeing its bankruptcy protection case that proposed to sell the Revati or Madhu mills located in Sao Paulo state, or possibly both, Reuters reported.

A massive $32 billion bailout package for India's dominant state-run banks will not happen again and lenders will have to find their own funding by selling non-core assets and merging with each other, a senior government official said on Monday. Twenty-one banks, majority owned by New Delhi, account for more than two-thirds of the banking assets in Asia's third-biggest economy, the International New York Times reported on a Reuters story. These lenders also account for close to 90 percent of soured loans in the banking sector.

Three bidders, including two new players, have submitted resolution plans after lenders called for fresh bids in Essar Steel Ltd.’s insolvency process, Bloomberg News reported. These include a joint venture between ArcelorMittal India and Nippon Steel & Sumitomo Metal Corp, Nu Metal & Steel Pvt. Ltd, in which JSW Steel is an investor, and the Vedanta Group, according to two people in the know who spoke to BloombergQuint on the condition of anonymity. Of the three, ArcelorMittal-Suitomo JV had participated in the earlier bidding as well.

Tata Steel Ltd. has offered Rs 35,200 crore in cash, and conversion of the remaining debt of about Rs 27,000 crore into equity, to take over Bhushan Steel Ltd., the counsel for the committee of creditors informed NCLT today, Bloomberg News reported. Creditors will get 12.27 percent equity in Bhushan Steel, Senior Advocate Ravi Kadam told the principal bench of the National Company Law Tribunal. “Tata Steel is the highest bidder (H1) offering an upfront payment of Rs 35,200 crore. Remaining debt would be converted into equity,” he said.

Vedanta Limited on Saturday informed stock exchanges that it had received a letter of intent (LoI) for Electrosteel Steels. Vedanta had accepted the terms of the LoI and closure of the transaction would be subject to compliance with applicable regulatory requirements and in accordance with the final terms approved by the National Company Law Tribunal (NCLT), the company said in a statement to the exchanges, Business Standard reported. Though Vedanta did not disclose the bid value, it is believed to have offered Rs 55 billion for Electrosteel Steels, which owes banks Rs 103 billion.

The Bombay High Court has directed the sale of six ships operated by Varun Resources, India’s largest operator of liquefied petroleum gas (LPG) carriers, now financially insolvent, The Economic Times reported. “the Sheriff of Mumbai shall have the defendant vessels…. …apprised by independent surveyors..fix the terms and conditions of sale…issue advertisement and take all steps to complete the sale and make a report to this court for confirmation of the sale….,” the court mandated on Tuesday, adding there will be an auction, the winner of which will be announced on April 20.

Market regulator Securities and Exchange Board of India is moving fast to put in place a disclosure regime for companies undergoing the Corporate Insolvency Resolution Process, Bloomberg News reported. The regulator has released a draft discussion paper and sought comments from the public by April 15. SEBI Chairman Ajay Tyagi had told reporters on Wednesday that the regulator would make changes to the listing regulations for companies under CIRP after a 15-day consultation process.

Indian police have launched a preliminary investigation into the husband of ICICI Bank's chief executive, as well as officials at the lender and at Videocon Group, two sources said on Saturday, to assess whether there was any wrongdoing in lending practices, the International New York Times reported on a Reuters story.

A battle for control of one of India’s largest industrial assets is moving into the courtroom after bids for Essar Steel from both ArcelorMittal and a Russian-controlled investment vehicle were declared ineligible under India’s tough new bankruptcy code, the Financial Times reported. Essar Steel was forced into insolvency proceedings last August after falling behind on debt repayments.

Tata Steel has offered to pay a little more than 350 billion rupees ($5.4 billion) to lenders of Bhushan Steel & Power to take over the bankrupt steelmaker, a source with direct knowledge of the deal said. Bhushan Steel’s panel of creditors approved the deal on Thursday, pending other regulatory clearances, the company said in a stock exchange filing on Friday without disclosing financial details, Reuters reported.